Business
Ocular Therapeutix™ Reports Second Quarter 2020 Financial Results and Business Update
Newly Published Physician Fee Schedules for 0356T for the Administration of Intracanalicular Inserts to Support Ongoing DEXTENZA® Launch May Financing Yields
About this update from Ocular Therapeutix, Inc.
[{"type":"text","content":"\nNewly Published Physician Fee Schedules for 0356T for the Administration of Intracanalicular Inserts to Support Ongoing DEXTENZA® Launch\n\n\nMay Financing Yields $48.3 Million in Net Proceeds \n\n\nDEXTENZA Net Product Revenue in Second Quarter of $1.4 million; Billable In-Market Sales Record Achieved in June\n\n BEDFORD, Mass.--(BUSINESS WIRE)--\nOcular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced financial results for the second quarter ended June 30, 2020 and provided a business update.\n\n\n“Despite the challenges caused by the global pandemic, it has been a very productive quarter for Ocular Therapeutix,” said Antony Mattessich, President and CEO. “Our clinical programs continue to support potential product profiles that, if approved, we believe could become the standards-of-care in the treatment of Wet AMD, glaucoma and ocular surface diseases including dry-eye disease and allergic conjunctivitis. We also added a new program for the treatment of episodic dry eye. We have positioned ourselves to potentially enter Phase 2 trials on four major programs within the next 12 months that could, if approved, compete in some of the largest global ophthalmology markets. On the sales side, despite the global COVID-19 pandemic, we saw a welcome bounce back in DEXTENZA® sales with nearly 2,300 in-market units sold in June, exceeding our previous monthly record by 40% and eclipsing $1 million of in-market sales in a calendar month for the first time. With a new rebate program and the establishment of physician reimbursement fee schedules for the insertion of DEXTENZA at two Medicare Administrative Contractors that cover approximately 30% of the Medicare population, we expect, subject to the potential impact of the pandemic, adoption trends to accelerate in the second half of the year.”\n\n\nRecent Highlights\n\n\nAnnounced published physician fee schedules for the administration of intracanalicular inserts. In July, the Company announced that Novitas Solutions and First Coast, two of seven Medicare Administrative Contractors (MACs) representing approximately 30% of all Medicare beneficiaries, established physician fee schedules for procedure code 0356T for the administration o...